Bitcoin exchange reserves hit yearly low during $60K retest

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Crypto analysts think that the declining Bitcoin supply on exchanges suggests “something is happening” that could support a bull market, provided demand “continues to grow.”

The amount of Bitcoin stored on crypto exchanges has reached a new supply low, which may be the catalyst that Bitcoin needs to successfully retest and move back above $60,000.

“With Bitcoin reserves on exchanges hitting new lows for the year, this could indicate reduced selling pressure, potentially favoring a bull market if demand also continues to grow,” CryptoQuant contributor Gaah highlighted in an Aug. 29 analyst note.

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